, NAIROBI, Kenya, Feb 12 – CMC Holdings has been de-listed from the Nairobi Securities Exchange (NSE) effective February 11, 2015.
The de-listing follows a successful buyout of the company by Dubai based Al-Futtaim Group as well as approval of the delisting by Capital Markets Authority (CMA).
Last year Al-Futtaim Group secured over 91 percent of the motor dealer’s issued share capital at Sh7.6 billion.
The deal is one of the biggest foreign direct investment inflows into the Kenyan economy and is expected to highlight the appeal of Kenya to global firms seeking a foothold in the emerging African economy.
Earlier, Al-Futtaim’s Automotive President Len Hunt said they will be pursuing opportunities to provide tier one services across the entire automotive value chain in Kenya and the wider region that includes sale, service and maintenance of new and used vehicles, machinery and equipment, in addition to the supply of genuine parts and accessories.
The successful acquisition of the CMC group is Al-Futtaim Group’s first venture into the sub-Saharan and Eastern Africa regions.
Al-Futtaim group operates 100 companies across 28 markets and represents over 100 global brands.
Structured into eight operational divisions; automotive, electronics, engineering and technologies, financial services, general services, joint ventures, real estate and hospitality, and retail.